Good morning, Quartz readers!
What to watch for today
Muslims on the hajj pilgrimage arrive at Mount Arafat. Over 2 million people are expected to make the 13-mile (21-km) climb to summit during the most important step of the annual Islamic pilgrimage, which began on Tuesday in the city of Mecca in Saudi Arabia.
Toshiba meets its self-imposed chip sale deadline. The tech conglomerate has been trying for months to offload its memory chip unit to pay down debt stemming from a disastrous move into the US nuclear business. So far, disagreements have prevented a deal from being signed.
A German court will rule in an emissions suit against Volkswagen. A consumer advocacy group representing VW owners and shareholders on both sides of the Atlantic hopes to force the manufacturer to buy back all vehicles affected by its emission scandal. Defeat is expected, but the group plans to appeal and file more cases (paywall).
While you were sleeping
Harvey crossed into Louisiana. The Tropical Storm churned through the Beaumont-Port Arthur area of Texas, causing devastating floods that shut down the largest oil refinery in the US. Houston, meanwhile, began dealing with the storm’s aftermath as the death toll hit 31 and much of the city remained underwater.
The first gene therapy was approved in the US. A first-of-its-kind treatment that modifies a patient’s own cells to fight certain types of leukemia was approved by the FDA. Novartis’s Kymriah will cost $475,000, but that’s cheaper than many analysts expected (paywall).
The US revised GDP growth up to 3%. The commerce department reported its strongest quarter in two years, revising its growth percentage up from the 2.6% initially expected. Experts believe this pace will continue for the rest of the quarter before eventually evening out (paywall).
Donald Trump pitched tax reform. Speaking in Springfield, Missouri, the US president said that lower- and middle-class Americans would benefit from a Republican tax code overhaul. He didn’t offer many details, but said he would like to reduce the business tax rate to 15%, a figure some congressional leaders have called too low.
Uber’s new CEO said it could go public in 18 to 36 months. During an all-hands meeting at the embattled ride-sharing company’s San Francisco headquarters, Dara Khosrowshahi vowed to rebuild company culture and set a timeline for what would be a very highly anticipated IPO (paywall).
Quartz obsession interlude
Marc Bain on why H&M should do more than identify where its clothes are made. “Shoppers, especially millennials, are increasingly eager to make sustainable and ethical choices, and the rise of ‘transparency’ is a step toward helping them do so. But it’s not an end unto itself: Transparency can only ensure fair and safe practices when coupled with rigorous third-party monitoring, and when it’s clear enough for shoppers to understand.” Read more here.
Matters of debate
“The Rock” should run for president. The world’s highest paid actor could lay the smackdown on petty partisan politics.
A “fake” Instagram isn’t the ticket to social media freedom. The trend exposes the troubling way that work is taking over our lives on- and offline.
Tech firms are the biggest competitive threat to the banking industry. Google, Amazon, and Facebook have the market cornered when it comes to the cloud, AI, and “big data.”
Surprising discoveries
Entire colonies of fire ants are floating in Texas floodwaters. The stinging pests are set adrift when their nests are inundated.
A first-time author unwittingly exposed the house of cards beneath “bestseller” books. A social media skirmish ultimately revealed how authors can buy their way to the top.
Nearly half a million people need to update their pacemakers’ software. The FDA is recalling several models that are vulnerable to hacker attacks.
Otters learn by copying each other. They complete puzzles more efficiently by watching other otters’ problem-solving techniques.
Traces of wine dating back 6,000 years were found in a Sicilian cave. The discovery revises the history of Italian winemaking back three millennia.
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